Business

Moments ago, we learned courtesy of the head of Mutual Fund Research at Morningstar, Russ Kinnel, that the next leg of the junk bond crisis has officially arrived, after Third Avenue announced it has blocked investor redemptions from its high yield-heavy Focused Credit Fund, which according to the company has entered a "Plan of Liquidation" effective December 9.

Third Avenue says outflows would have forced them to accept "prices that would unfairly disadvantage the remaining shareholders."

The last time we looked at the "value" of Yahoo's core business was nearly a year ago, when the stock was trading at a comfortable $50/share, which however was entirely due to the result of YHOO's non-core business. This is how Citi estimate the value of Yahoo's core operations.

Via ConvergEx's Nick Colas,

The Energy names in the S&P 500, as measured by the S&P Energy Select Sector Index, haven’t broken their August lows in the recent downdraft for the group. 

 

 

That’s surprising for two reasons.

With sadly ironic timing, we noted just last week that the blowback from "unequivocally good" low oil prices was set to cross the border from an increasingly suicidal Canada, and so, as AP reports, it appears Alaska is facing the toughest of times. As oil prices make new cycle lows, Alaska Gov. Bill Walker has called for the state's first income tax in 35 years in order to close a $3.5-billion-dollar deficit the state is carrying.

Submitted by Alasdair Macleod via GoldMoney.com,

One can understand the Fed's frustration over the failure of its interest rate policy, and its desire to escape the zero bound.